A week after Mayor Justin Bibb and Browns owner Jimmy Haslam struck a $100 million settlement over Cokes at Haslam’s house, the City of Cleveland and Haslam Sports Group (HSG) have now put pen to paper on the next step to transform the lakefront.
Legal teams for both sides have signed a term sheet outlining the full terms of their agreement — a move that formalizes HSG’s $100 million contribution and pushes total lakefront redevelopment funding under Mayor Justin Bibb’s Cleveland ERA (Economic Resurgence in Action) plan past $250 million.
While the new filing doesn’t change the terms of the deal announced earlier this week, it moves the process toward a final, binding settlement — a key step in advancing Cleveland’s long-stalled lakefront redevelopment.
“Redeveloping the lakefront will create a place where Cleveland residents from every neighborhood will gather, enjoy the water and feel a sense of belonging and joy,” Bibb said in a statement. “These investments put Cleveland on a definitive path to being one of the best dual waterfront cities in the country.”
The city has already secured $150 million in state and federal support for the project, including $80 million awarded last year and another $70 million in federal funds this spring.
With HSG’s contribution now added to the mix, the total public-private investment in the city’s waterfront has topped a quarter-billion dollars — a milestone Bibb’s team says shows how collaboration between government and business can drive Cleveland’s next economic era.
“We are thrilled to continue to partner with the City of Cleveland by investing in the transformation of our lakefront,” Dee and Jimmy Haslam said. “This agreement allows the mayor’s administration to capitalize on the opportunity our stadium move to Brook Park creates for a reimagined lakefront that this city and region have long deserved.”
The Haslams pointed to the new enclosed Huntington Bank Field, the Bedrock riverfront project, and the planned modernization of Cleveland Hopkins International Airport as interconnected pieces of the region’s next phase of development.
“All of these projects reinforce our belief that Northeast Ohioans should have it all,” they said.
Here are the official settlement terms, per the city:
The parties will voluntarily dismiss all lawsuits related to HSG’s decision to move the Browns Huntington Bank Field to Brook Park, and have agreed on various terms (pending all necessary approvals from the court and other entities) that include:
HSG will pay (or donate) $25 million to the city by Dec. 1, 2025 (or a later date once all approvals are secured).
HSG will raze the current Huntington Bank Field in downtown Cleveland to a pad-ready state at the Browns’ expense, beginning promptly upon termination of the Parties’ lease agreement. This is estimated to be $30 million, but HSG will cover the cost of demolition if it exceeds this amount.
HSG will pay (or donate) $5 million to the city by Jan. 1 of each calendar year from 2029 to 2033, totaling $25 million over five years.
Upon termination of the lease, HSG will invest no less than $2 million per year over the next 10 years on mutually agreed community benefit projects totaling no less than $20 million.
Both parties will work together in ensuring public health and safety interests regarding any effects on Cleveland Hopkins International Airport operations caused by the new stadium in Brook Park.
Both parties will mutually support infrastructure plans with respect to the Brook Park stadium mixed-use project, the modernization of Cleveland Hopkins International Airport, and the development of the Cleveland lakefront, including the redevelopment of the Burke Lakefront Airport property.
City council must authorize certain aspects of the agreement such as demolition of city-owned property and the acceptance of donations to the city. The terms will be included as part of broader legislation that the administration plans to introduce during the city council meeting on Monday, Oct. 20.